New to Charleston, SC area. Looking to invest!

New Member Introductions
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New to Charleston, SC area. Looking to invest!

Michael Marlatt
Summerville, SC · Member since 2014 · 5 posts · 2 votes

Hello all,

I have recently relocated to Charleston from Iowa.  My wife and I have owned  rentals before and would like to start buying houses for that purpose here.  I have some time on my hands for "some" remodels or repairs.  Does anyone know about the rental market in the area?  I was starting to look in North Charleston because of the lower costs but I don't want to buy if I cant expect to get it rented out soon.  Any thoughts from area experts would be appreciated!   Thanks! 

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  • Steven N.
    Rental Property Investor · Charleston County, SC · Member since 2014 · 42 posts · 15 votes
    12y

    Welcome, Michael. I am also new to the Charleston area as I just moved here last Friday and live in West Ashley. I'm looking to buy rentals in the North Charleston / Goose Creek/ Summerville areas as these look like really good rental areas. As for North Charleston I have been looking at some properties located near west of the air force base but I also remember looking at a few nice houses near the northwoods mall area. Anyway feel free to reach out anytime, while I'm not an expert I think we can still help each other out. 

    Steve

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    @Michael Marlatt 

    welcome to the site.

    0Reply
  • Tim Schmitz
    Rental Property Investor · Charleston, SC · Member since 2013 · 43 posts · 12 votes
    12y

    Hey Michael,

    I've lived in Charleston for 15 years and have just started buying and holding rentals.  So far, so good.  I haven't bought anything yet that doesn't cash flow.  One thing I should tell you, is the greater Charleston area is a mixed bag and you really need to scope out each neighborhood/market to make sure it will hit your target.  There are many run down areas that offer great cash flow but limited equity.  These are also areas where you will have more problems with tenants.  Other areas are a good mix of CF and equity.  So, best of luck and feel free to contact me anytime to discuss further.

    Tim

    0Reply
  • Lenn L.
    Charleston, SC · Member since 2014 · 5 posts · 3 votes
    12y

    Welcome to the forums! 

    I recently relocated from Iowa as well.

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Michael Marlatt  It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best! 

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Michael Marlatt welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

    BiggerPockets
    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Michael Marlatt thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

    Also - here's a couple articles you might enjoy:

    The 21 Best Real Estate Investing Books Ever

    How to Rent Your House: The Definitive Step by Step Guide

    How to Be a Landlord: Ten Tips for Success

    Oh - and be sure to set up some Keyword Alerts- especially for "Summerville" so you'll be notified when people mention it here in the forums.

    Thanks again for introducing yourself!

    Podcast Guest on Show #92
    0Reply
  • Michael Marlatt
    OP
    Summerville, SC · Member since 2014 · 5 posts · 2 votes
    12y
    Originally posted by @Lenn L.:

    Welcome to the forums! 

    I recently relocated from Iowa as well.

     Hello,

    That's great to hear.  We love it here.  Where in Iowa?

    0Reply
  • Michael Marlatt
    OP
    Summerville, SC · Member since 2014 · 5 posts · 2 votes
    12y
    Originally posted by @Steven N.:

    Welcome, Michael. I am also new to the Charleston area as I just moved here last Friday and live in West Ashley. I'm looking to buy rentals in the North Charleston / Goose Creek/ Summerville areas as these look like really good rental areas. As for North Charleston I have been looking at some properties located near west of the air force base but I also remember looking at a few nice houses near the northwoods mall area. Anyway feel free to reach out anytime, while I'm not an expert I think we can still help each other out. 

    Steve

     Hi Steve,

    Thanks for the info.  It seems like the area would have a good rental market.  The taxes are high in some spots but overall I think it would be successful.  Thanks again for the reply.  I'll keep in touch.

    Mike

    [pl

    0Reply
  • Jason Shamis
    Professional · Charleston, SC · Member since 2014 · 19 posts · 4 votes
    12y

    Welcome to Charleston!!! I was raised here and what a great place to live!!! There are a few things about the area that you need to consider when buying rentals. The school system here is very challenged and familys with kids want to be in a good school district. Also, there are a lot of great rental opportunitys in Goosecreek, Summerville and parts of North Charleston. With the presence of Boeing getting bigger and bigger coupled with the military bases rentals are commanding top rental rates. If I can offer any advise please let me know. Again, welcome to Charleston one of the best cities in America!

    1Reply
  • Michael Marlatt
    OP
    Summerville, SC · Member since 2014 · 5 posts · 2 votes
    12y
    Originally posted by @Tim Schmitz:

    Hey Michael,

    I've lived in Charleston for 15 years and have just started buying and holding rentals.  So far, so good.  I haven't bought anything yet that doesn't cash flow.  One thing I should tell you, is the greater Charleston area is a mixed bag and you really need to scope out each neighborhood/market to make sure it will hit your target.  There are many run down areas that offer great cash flow but limited equity.  These are also areas where you will have more problems with tenants.  Other areas are a good mix of CF and equity.  So, best of luck and feel free to contact me anytime to discuss further.

    Tim

     Hi Tim,

    Thanks for the advice! I will definitely do my research.  I would love to buy in some of the nicer neighborhoods but I don't have a huge amount of capitol.  I think I will start small and hope to save some more money for something better in the next couple of years.  Thanks again for your reply!

    Mike  

    0Reply
  • Michael Marlatt
    OP
    Summerville, SC · Member since 2014 · 5 posts · 2 votes
    12y
    Originally posted by @Jason Shamis:

    Welcome to Charleston!!! I was raised here and what a great place to live!!! There are a few things about the area that you need to consider when buying rentals. The school system here is very challenged and familys with kids want to be in a good school district. Also, there are a lot of great rental opportunitys in Goosecreek, Summerville and parts of North Charleston. With the presence of Boeing getting bigger and bigger coupled with the military bases rentals are commanding top rental rates. If I can offer any advise please let me know. Again, welcome to Charleston one of the best cities in America!

     Hi Jason,

    Thanks for the great advice!  I may get in touch with you when I get closer to buying.  I can't wait to get started.  I love it in Charleston.  I'm so glad we made the transition!

    Thanks again

    Mike

    0Reply
  • Patrick H.
    Isle Of Palms, SC · Member since 2013 · 38 posts · 18 votes
    12y

    Hi @Michael Marlatt 

    Welcome to Charleston. Its definitely a great place to live. You've already gotten some good advice here. I agree with @Jason Shamis , you've got to watch out for the bad school districts.  If I were looking for rental properties, I'd take a hard look at the Summerville area. Its a great school district that still offers cash flow. Good luck with your strategy.

    0Reply
  • James Bynum
    Phoenix, AZ · Member since 2015 · 106 posts · 29 votes
    11y

    Welcome to BP! South Carolina has some great areas for real estate investing. Just do all your due diligence before buying a property. A lot of South Carolina is really unfriendly to investors of buy and hold properties, so make sure you still cash flow after those taxes.

    Don't be fooled by the only 2% difference between and owner occupied and non-owner occupied dwelling. Taxes are typically at least 3X that of an owner occupied property.

    That's one reason a lot of SC investors buy mobile homes, it seems to be a popular strategy is this state for that reason, taxes are a lot cheaper on them because they are considered vehicles and actually get cheaper as they age!

    0Reply
  • James Bynum
    Phoenix, AZ · Member since 2015 · 106 posts · 29 votes
    11y

    Don't remember how I came across this thread, just realized how old it was.

    0Reply
  • David Nadelstumph
    self employed · Mount Pleasant, SC · Member since 2015 · 25 posts · 0 votes
    11y

    Welcome to Charleston. I ve lived in Mount Pleasant for 8 years an absolutely love it here. I've been looking for my first property here in Mount Pleasant with no luck. After reading many posts here I think I may need to expand search to N. Charleston and Summerville. Good luck and if you come across a good realtor let me know.

    0Reply
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